XPeng updates new progress of collaboration with Volkwagen Group

Release Date : 2023-12-14
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 On the evening of December 6, Chinese new energy vehicle maker XPeng announced the successful completion of all prerequisites outlined in the share purchase agreement with Volkswagen Group, marking the finalization of the investment according to the terms and conditions of the agreement.

The disclosure in the announcement reveals the issuance of a total of 94,079,255 new shares, with a subscription amount of approximately $705.6 million (about 5.052 billion yuan). Following the completion of the transaction, in Class A ordinary share, Volkswagen's investor nominee shares account for 4.99%, with other shareholders holding 76.51%, while in Class B ordinary share, the percentage is 18.5%, totaling 1,885,355,830 shares.

Furthermore, Volkswagen Group has agreed to appoint a representative nominated by investors as a non-voting observer on the board. The observer is obligated to maintain confidentiality and refrain from improper use of business-related confidential information, including insider information, and must adhere to the company's insider trading policies and procedures, akin to a regular board member.

According to the strategic technology cooperation framework agreement signed by XPeng and Volkswagen Group, the two parties have made significant progress in jointly developing two B-segment electric vehicle models. The feasibility study for this project has yielded positive results and has been completed. Additionally, both parties are actively evaluating deeper strategic cooperation in intelligent electric vehicle technology.

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